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Department stores see sales drop despite improving consumer sentiment

South Korean retailers saw their sales fall slightly this month, industry data showed Thursday, despite steady improvements in consumer sentiment.

Lotte Department Store, the country's leading top-end retailer, said its sales fell 1.3 percent from a year earlier in the June 1-27 period. 

This photo provided by leading retail chain Lotte Department Store on June 28, 2017, shows its store in the southeastern city of Busan.
This photo provided by leading retail chain Lotte Department Store on June 28, 2017, shows its store in the southeastern city of Busan.

Its rival Hyundai Department Store also saw its revenue from the same period slip 1.6 percent on-year, the retailer said, citing corporate data.

Industry watchers, meanwhile, said the situation should improve, as the new Moon Jae-in administration started to push forward measures to fuel economic growth. They said the start of the peak summer vacation season can further help sales.

South Korea's overall consumer sentiment hit a more than six-year high with 111.1 this month, according to central bank data. A reading above 100 means that optimists outnumber pessimists. (Yonhap)

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